A key aspect of successful businesses is what sets them apart from their competition. The unique qualities of running a business, such as focusing on steady performance as opposed to operating on survival mode, can make the difference between an innovative company and a struggling one. Businesses running on survival mode are normally unstable and only focus on short term goals. This eventually leads to a difficult work environment. A flourishing business knows how to compete by incorporating the use of non-traditional methods, having a steady focus on what their clients need the most, and a great understanding of how their service or product can positively affect the world. You too can set your business apart from the competition by following the traits of these leading businesses.
The Best Opportunities Are Outside the Box
Instead of competing in cluttered and saturated markets, strong organizations seek out the opportunities that others miss. These leaders are not afraid to test out new methods and create new industries – even if they might fail. Great companies focus on developing new and myriad innovative products that give the user or client a unique experience. They embark on projects that others would deem difficult or unnecessary. Efforts are directed towards developing products and services that change the lives of individuals in great ways. For example, companies like Uber, Skype, Facebook, and Apple have developed game-changing products and services. In addition, great organizations hire the best and unique talent to assist in the creation of new opportunities.
A Structural and Entrepreneurial Balance
This is not an easy balance to achieve as most businesses either have a structured or entrepreneurial strategy. However, successful businesses such as Facebook and Google have mastered this tactic. These companies operate on a structured basis while maintaining a flexible entrepreneurial mindset. They ensure that they meet all the organization’s performance goals while encouraging innovation, new ways of thinking and action towards projects. To accomplish this, it is essential to have a leading team that is open to celebrating uniqueness and differences, while maintaining trust in its employees. It’s important to note that success comes from a diverse team who can find success in a variety of ways – not just one. This often leads to breakthroughs in companies as they end up discovering innovative solutions that others miss.
Avoid Distractions at All Costs
There are many distractions that a business can face. Businesses have a hard time staying focused especially when the economy is unpredictable. Essentially, being strategic does not only revolve around focusing on your competition, but it also means being openly aware of change and crisis that can potentially occur. Businesses that are strategically wired can foresee changes in how the marketplace flows and its regressions. Surprises may arise when competition grows unexpectedly (e.g. the rise of the iPhone and Android OS, and the plummet of Blackberry and Nokia). It’s crucial to have a leadership that has a 360-degree view of market changes and strikes when opportunity arises.
K. Nwankwo | Contributing Writer